Union Bank Business Secured Visa Credit Card Features
- Auto rental collision damage: With it being a Visa card, youre protected in the event damage occurs due to collision or theft. Use it to secure and charge your rental car and decline the collision damage waiver offered by the rental agency.
- Emergency card replacement and emergency cash disbursement: Allows you to get a replacement card and/or emergency cash at a convenient location quickly and easily.
- Lost/Stolen card reporting: You can report a lost or stolen card 24/7 from anywhere in the world. Simply call Union Bank® at 643-9800 to process this.
- Zero fraud liability: Union Bank® wont hold you responsible for unauthorized charges made with your account. In the event a fraudulent transaction occurs, Visas Zero Liability policy will take place.
- Swipe smarter: Features advanced technology to enhance safety and increase protection against fraudulent transactions.
Union Bank Of India Usecure Credit Card
- For monthly spends of up to Rs.10,000, 1 point is credited to the account
- Monthly spends in the range of Rs.10,001 to Rs.30,000 will fetch 1.5 Union Points for the same quantum and spends above Rs.30,000 per month will be rewarded with 2 points
- A card designed exclusively for customers having Term Deposits with Union Bank in range of Rs.25,000 to Rs.5,00,000
- Customers without income proof can apply for the card on basis of Term Deposits held with the bank
- Accidental Death insurance of Rs.5.00 lakhs along with Air Accidental Death insurance cover of Rs.8.00 lakhs
- Accumulated points can be redeemed for an array of merchandize from the catalogue, gift vouchers and more
- Customized deals from Visa on dining, entertainment and travel
- This Company is not a partner. Visit its website/branch office for more details. Trademarks, logos and other intellectual property belong to their respective owners.
- KYC-PAN, Address proof and ID Proof
- One photograph, Salary slip/Form 16
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Union Bank Of India Usecure Credit Card Features And Benefits:
- Union Bank of India Usecure Credit Card can be availed against term deposits
- The spending limit on a Union Bank of India Usecure Credit Card is up to 80 percent of the term deposit
- Union Bank of India does not charge an annual fee on this card
- The bank provides an insurance of Rs.5 Lakhs in case of accidental death and an insurance of Rs.8 Lakhs in case of air accidental death
- Cardholders can enjoy exclusive travel, entertainment and dining related offers provided by Visa on this card
- Cardholders can earn reward points on every Rs.100 that they spend using their Union Bank of India Usecure Credit Card. If they spend up to Rs.10000 per month using their card, then they will earn 1 Union Point on every Rs.100 they spend. If they spend between Rs.10001 and Rs.30000, they will get 1.5 Union Points and if they spend over Rs.30000, they will receive 2 Union Points on every Rs.100 they spend
- Cardholders of Usecure Credit Card can apply for POS terminal facility provided by the bank.
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Bank Of America Business Advantage Unlimited Cash Rewards Secured Credit Card
Bank of America® Business Advantage Unlimited Cash Rewards Secured Credit Card is our leading secured business credit card as it lets cardholders earn unlimited 1.5% cash back on all purchases, regardless of spending category. It requires a minimum security deposit of $1,000 and doesnt offer any sign-up bonus and interest-free financing option for new cardholders. It also charges high balance transfer and cash advance fees at $10 or 4% of the amount of each transaction, whichever is greater.
Do I Really Need A Credit Union Secured Credit Card
While credit union secured credit cards can be smart picks, you dont always have to jump through the hoops to get them. Consider these factors before applying for a card:
- Do you plan on paying your balance in full each month?If so, it wont matter if you get a lower APR from a credit union secured card, as you wont be charged interest anyway. Paying your balance in full each billing cycle is a good habit to start while youre building credit.
- Are you comfortable with getting a credit card from a bank?If so, there are several excellent bank-issued secured cards. If youd rather not be a customer of a bank, then you have a clear reason for getting a secured card from a credit union.
- Do you think youll have trouble getting approved for a bank-issued secured card?Credit unions often give more lenient approval requirements to their members. However, approval is never guaranteed, so carefully consider your finances and credit score before applying.
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Initial Deposit Requirement And Refund
Once your application for credit has been conditionally approved, youll be asked to make a deposit into your collateral account. Your deposit must be at least $300 and cannot exceed $5,000. Within those constraints, youre free to deposit as much or as little as youd like.
Your deposit is always equal to your credit limit: a $1,000 deposit equates to a $1,000 spending limit, regardless of your credit profile.
As noted, you cant access your deposit accounts balance until your card balance is paid off in full and your account closed. However, if you upgrade to an unsecured Union Bank card, Union Bank may convert your collateral account to a traditional, interest-bearing savings account from which youre free to make withdrawals.
How To Apply For A Credit Union Secured Credit Card
Does First Tech FCU have better rewards than SDFCUs card?
The State Department Federal Credit Union offers a secured card with 1x points on all purchases. However, there are few redemption options for under 6,000 points. That means you may need to spend thousands of dollars on your card to earn enough points a high bar.
On the other hand, First Tech FCUs secured card offers a variety of gift cards starting at 2,631 points. Youll earn these with $2,631 of spending on your credit card.
Can I find a lower APR in a credit union secured card?
The answer is yes. The Nuvision Visa® Share Secured Card, for example, offers an APR on all balances as low as 10.9% fixed. However, youll likely need stronger-than-average credit to get this rate. If you dont have it, your APR could be as high as 17.9% fixed.
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Pros Of Credit Union Credit Cards
- There are re-dos. Even if you are initially rejected by a credit union for a credit card, some credit unions have a loan committee that reviews appeals. So, even if your credit isnt its best, with a desire to make a fresh start, you might get approved.
- Theyll work with you. If you fall on hard times, a credit union may modify loans and card terms to help you out of your jam.
- Their ATMs likely partner with the Co-op Network. With this network, your credit union is affiliated with 30,000 ATMs across the U.S. and Canada.
- Lower APRs. Credit union credit cards can have lower interest rates than mainstream cards, sometimes even under 10%. For example, the PenFed Gold Visa Card offers a 0% promotional APR for balance transfers for 15 months , then a non-variable go-to APR of 17.99%.
- Low fees. Credit unions may have penalty fees, but they will likely be lower. And a no annual fee is easy to find with a credit union.
What To Look For In A Credit Card
Whether its used sparingly as a safety net, on a regular basis to maintain your credit score, or in a strategic way designed to reap maximum rewards, a credit card in your wallet increases your purchasing power. Having that card and using it judiciously adds another layer of financial security to your situation.There are some things youll want to consider when adding a credit card to your financial toolbox. Lets take a look.
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Union Bank Of India Credit Card Customer Care
You can get in touch with the Union Bank of India credit card customer care 24X7 by contacting the following numbers.
You can call the toll-free number 1800 22 22 44/1800 208 2244 from your mobile and Landlines in India.
You can also write to Union Bank of India zonal offices and post your queries related to credit cards.
Union Bank Business Secured Visa Credit Card* Vs Bank Of America Business Advantage Unlimited Cash Rewards Secured Credit Card*
The Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* requires a minimum $1,000 deposit but earns 1.5% cash back on all purchases and has an annual fee of $0. The card also delivers a suitcase of travel benefits, including $100,000 in travel accident insurance, an auto rental collision damage waiver, emergency ticket replacement, lost-luggage assistance and medical referrals on the road and really packs it in with purchase protection against loss, damage theft or fire as well as extended warranty coverage.
With its lack of an annual fee alone, the Bank of America® Business Advantage Unlimited Cash Rewards Secured credit card* is a better choice than the Union Bank Business Secured Visa. It matches both the collision damage waiver and $0 fraud liability benefits, provides a pile of other benefits and offers rewards better than many unsecured cards. We understand credit cards dont have legs, but if they did the Union Bank Business Secured Visa still wouldnt have one to stand on in this match up.
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Who The Union Bank Business Secured Visa Credit Card Is Best For
- Those who can make a security deposit of up to $25,000: If you can make a security deposit anywhere from $500 to $25,000, then this is a good option.
- Those with bad credit: This is one of the few credit cards that accepts credit scores of 300, giving you the opportunity to grow your credit when using it for your business.
If you think this card doesnt fit your needs, then see our guides to both the best secured business credit cards and the leading small business credit cards. You may also want to check our for our evaluation of other business credit cards.
Schoolsfirst Federal Credit Union
- Assets: $14.9 billion
- Members: 845,685
As you would think, the members of SchoolsFirst are associated with qualifying schools, colleges and universities in California, primarily for employees and family members. This credit unions credit cards include a secured card with a fixed rate APR of 13.90%. One offers payment plans for 10- and 11-month paycheck cycles.
Laura is an editor and writer at CreditCards.com. She has written extensively on all things credit cards and works to bring you the most up-to-date analysis and advice. Lauras work has been cited in such publications as the New York Times and Associated Press. You can reach her by e-mail at and on Twitter @creditcards_lm.
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Who Should Get A Credit Card From A Credit Union
A credit union credit card isnt for everyone, but used correctly it can save you money and help you build credit. Here are 5 types of people who are a good choice for a credit union credit card:
Cons Of Credit Union Credit Cards
- Accounts are tied together. Called cross-collateralization, with a credit union, your financial products may be linked. For example, although you may not know it, your credit card may be tied to your checking account, meaning that if you default on the card, in theory, the credit union can pull the funds from your checking account. Worst case scenario? Your car could be repossessed.
- Credit unions may want a little more. If you dont have the best credit but the credit union decides to take a chance on you, you may be asked to take a financial education class, which a traditional bank likely wouldnt do.
- ATMs may be in limited places. While your credit union may be linked to the Co-op Network, the ATMs may not be located at convenient places, so its worth your while to research ATM locations before you go to a new city.
- Rewards may not be amazing. Credit union credit cards may not have the rewards of major rewards credit cards. You may find a credit union card with a sign-up bonus, as in the case of the PenFed Gold Visas $100 statement credit after a $1,500 spend in 90 days, but ongoing rewards may be hard to find.
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Getting A Secured Credit Card
Who can be approved?
Even though secured credit cards are available to people with bad credit, and even though the security deposit reduces the risk to the issuer, approval is not guaranteed for everyone:
The issuer will usually check your credit report for signs that you’re an unacceptable credit risk. If you’re in the middle of a bankruptcy, for example, or you’re currently delinquent on other accounts, or you’ve opened a bunch of new accounts recently, you’re unlikely to be approved.
You’ll also have to show that you have income so you can pay your credit card bill. Yes, the issuer has your deposit, but it will use that money to cover your bill only as a last resort. You’re expected to pay your bill every month, so you’ll need income.
How does the process work?
Every issuer handles things a bit differently, but the process of applying for, receiving and using a secured credit card works like this:
You apply for the card. The issuer evaluates how risky you are , and if you pass muster, you’re approved.
You fund the deposit. Before the issuer will open your account, you have to pay your security deposit. In some cases, you must provide bank account information with your application so the deposit can be transferred right away. Other times, the issuer will give you some time to pull together the deposit. If you neglect to fund the deposit, the issuer will change the status of your application from approved to rejected.
Bdo Secured Credit Card
To get a secured credit card from BDO, you need to have a minimum of 15,000 PHP in savings or time deposit.
Your credit limit is 90% the holdout amount.
Applicants should also be 21 to 70 years old and have a mobile or landline phone number.
You only need to fill out the credit card application form and the Deed of Assignment, and provide a valid ID with signature and photo.
Foreigners can also apply and present their ACR or ICR , as well as a letter from the embassy.
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Union Bank Secured Visa Credit Card Review
The Union Bank Secured Visa® Credit Card is designed for customers who are in the early or rebuilding stages of their credit profile. Though it includes no rewards program or signup bonuses, it does provide a pathway to building a robust credit history . In fact, Union Bank gives you access to check your FICO® Score for free, so you can monitor how it changes over time as you use the card.
The cards APR for purchases and balance transfers is on the loftier end of the spectrum, though it doesnt climb as high as rates for store cards and other secured cards do. In addition, youre responsible for a $25 annual fee, which is common in secured cards. Youre also subject to foreign transaction, late and returned payment fees, so exercise caution with your spending and repayment. And of course, the card requires a deposit when you open an account to serve as collateral and as your spending limit.
There are a handful of other convenient features included with the Union Bank Secured Visa® Credit Card. To ensure that youre protected and receive full transparency, the card comes with chip technology and 24/7 online account access. If youre a fan of using a mobile wallet, you can add the card to your Apple Pay®, Google Pay, and Samsung Pay® digital keychains for expedited payment. And you can also benefit from paying for your monthly wireless bill with this card, as it grants you supplemental cell phone coverage against damage and theft.